BMWs Bought on Fake Papers? ED Uncovers Massive Car Loan Scam in SBI Pune

A high-profile investigation has rocked Pune after the Enforcement Directorate (ED) uncovered a sophisticated vehicle loan fraud involving luxury cars, forged documents, and an SBI branch official at the centre of the conspiracy.

In a two-day search operation (25–26 November 2025), ED officers raided 12 locations across the city — including the homes and offices of borrowers, car dealers, and a former SBI branch manager. The searches took place under the Prevention of Money Laundering Act (PMLA), revealing a scam that allegedly helped multiple individuals take high-value car loans using fake papers.

A Conspiracy Hidden Behind Fancy Wheels

The case began after CBI and Pune Police filed FIRs alleging that Amar Kulkarni, then Chief Manager of SBI’s University Road Branch (2017–2019), misused his authority. Investigators say he worked in collusion with Aditya Sethia, an auto-loan counsellor, and several borrowers. They tried to illegally secure loans for expensive cars — BMWs, Land Rovers, Volvos, Mercedes and more.

ED’s findings show that forged bank statements, fake quotations and inflated vehicle prices were used to bypass lending norms. Kulkarni is accused of approving loan proposals without even verifying documents, ignoring SBI’s internal policies, and recommending loans based purely on fraudulent paperwork.

It was alleged that Amar Kulkarni, while serving as Chief Manager at SBI, University Road Branch, Pune during 2017–2019, abused his official position and criminally conspired with Aditya Sethia, Auto Loan Counsellor at SBI, Pune, along with certain borrowers, to cheat SBI by fraudulently processing and recommending high-value car loans.

In several cases, inflated quotes were submitted to raise the loan amount, artificially boosting the “margin money” covered by the bank. Once approved, the borrowers purchased luxury cars using falsified credentials — effectively cheating the bank.

What the Raids Revealed

Searches led to identification of multiple properties purchased by borrowers, recovery of incriminating documents and seizure of premium cars from their residences. BMWs, Volvos, Land Rovers and other high-end models were seized under Section 17 of the PMLA, indicating strong evidence of proceeds of crime.

ED investigation revealed that accused borrowers fraudulently availed high value car loans on the basis of forged documents and thereby cheated the bank. Further, accused public servant Amar Kulkarni, in pursuance of the said conspiracy, improperly and dishonestly processed and recommended the high value car loan proposals of the accused borrowers in violation of lending policy of the bank without verification of the said bogus or forged documents. In many loan cases, fake quotations with inflated amounts were submitted to the bank to increase the margin money included in the loan and the loans were approved using false documents. During investigation and consequent search proceedings, it was gathered that various high value cars of the make BMW, Volvo, Mercedes, Land Rover etc. were purchased by borrowers on the basis of false documents in conspiracy with the loan agent and the branch manager of SBI.

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The investigation is still underway and more details may soon emerge — including whether more individuals were involved, how long the fraud ran, and the total loan amount siphoned off.

This case has raised tough questions:

How did multiple forged loan proposals slip through SBI’s internal checks?
Were more officials involved?
How many fake loans are still unnoticed?

As the probe expands, Pune’s luxury car trails may reveal a deeper cycle of corruption — proving once again that when fraud moves on wheels, it leaves tracks behind.